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By: barry66 Tue, 19 Jun 2012 10:38:10 +0000 Why does Reuters still give a mouth piece to this deluded and incompetent ex chancellor / pnoney PM(never elected PM?)
He was a main culprit at the scene of the crime that is now the banking crisis.

By: bjhb Mon, 18 Jun 2012 20:30:37 +0000 I am not sure why you are even reporting comments by Gordon Brown, we have all been there and done it, and he dose not know what he is talking about

By: Maunsell Mon, 18 Jun 2012 07:52:30 +0000 A couple of basics about real CAPITALISM

1. If a private sector entity can’t pay its bill when
they fall due it is insolvent and should be resolved
or liquidated
2. An industry that pollutes (i.e. transfers costs and
lossses onto taxpayers and society)should have to
pay for the cost of its effluent and/or have its
activities curtailed.

The Greenspan/Bernanke/Geithner doctrine of the last 15 -20 years has been to continously bail out the financial sector, in effect transferring the latters losses/costs onto society and taxpayers (usually via the central bank backdoor).

Angela Merkel realises better than most that the costs of this doctrine has reached its limits(one just has to look at government debt levels in Japan, UK, USA, Ireland, Spain) and that we need to change course.

Cries by the financial sector for yet more bailouts (via central banks) will eventually lead to even greater debt burdens on society and a substantial loss in value in fiat money and destruction of REAL WEALTH.

We can start changing this by
1. Allowing financial sector participants who invest in
insolvent banks or in sovereigns that can’t pay their
debts to take their losses (either up front or by
requiring the financial sector to pay for the related
losses over a number of years via a financial
transaction tax)
2. Having a proper bank resolution regime and the will
to use it. Sheila Bair at the FDIC and the Iceland
government showed that this can still de done.

3. Requiring banks to increase their capital, liquidity
and term funding levels substantially so that if
losses do occur they are borne by bank shareholders
first. Regulators need to restrict cash dividends,
cash bonuses and share buybacks until a solid capital
base is achieved.

4. Large banks need to be broken up to minimise the
costs to society should they fail.

5. Banks now treat central banks as 24/7 providers of
liquidity – bank wholesale debt providers were
willing to provide finance to banks at 3O times
leverage because they took it for granted that
Central banks would bail them out if required.
Central banks need to impose much more conditionality
on their funding (other than just pure collateral) –
eg they should be able to set restrictions around
dividends, bonuses,and share buybacks etc and mandate
disposals/breakups where required.

Re Mr Brown comments, the simple reason that many wholesale investor won’t provide certain EU banks with funding is that they think they have’nt got enough capital – these banks are easy to identify – they are the ones that the ECB has had to provide LTRO funding to -to fix this problem just get the ECB to convert its LTRO funding into equity in effect performing a large scale bank recapitalisation in one swoop.

Secondly if the G20 is serious about sorting out Europe sovereign debt issues then just get the G20 to agree to a worldwide financial transactioon tax. The EU could then transfer a sizeable portion of EU peripheral debt into one resolution fund and use their share of the financial transaction tax to pay it down over time.

By: bjhb Sun, 17 Jun 2012 18:07:50 +0000 Take no notice off what Gordon Brown is saying we have all been there and we are all bust

By: chrisb1959 Sun, 17 Jun 2012 10:41:12 +0000 What the world needs more than anything else are policies to stimulate economic growth. What seems to be causing a lot of the problems in the Eurozone is too much austerity as this goes contrary to creating growth. Here I blame Germany’s Angela Merkel for insisting that the austerity route is the best way forward. This attitide is driven by what happened to Germany in 1923 with hyperinflation. However, when there is economic growth it then becomes easier to clear one’s debt.

Gordon Brown states “Austerity means decreasing economic activity and then an ebbing of confidence” – he is 100% correct there. World leaders must take note of this and listen to the likes of Fran├žois Hollande.

By: kchopra Sun, 17 Jun 2012 09:42:11 +0000 Investors the world over aren’t sure that the profits generated in the India can be easily and securely repatriated through normal banking channels. G20 meeting should address this simple question: in return for a gauranteed investment in the infrastructural projects in India, can India gaurantee the returns of investments? Indians can be asked to provide all manpower for the security needs the world over, plus contribute software services in return as payment on infrastructural investments in India. Additionally, Indians need to gaurantee export of food grains/rice at a mutually arrived figure. That way, growth environment can be generated the world over.